Altcoins moved higher, while a lack of buy volume prevented Bitcoin and Ether price from breaking out after the completion of a bullish inverse head and shoulders pattern. On Wednesday, the bullish momentum that had propelled Bitcoin (BTC) and altcoins into a relief rally was somewhat subdued, as traders remain unsure of what may happen next.
After an early morning attempt by Bitcoin bulls to drive BTC’s price above $40,000 was met with stiff resistance, the digital asset lost momentum and slumped back to the $38,000 support level.
Despite the continued struggle, a few positive signs such as a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin suggest that bears have stopped selling and the worst of the downturn may have passed. Earlier in the day, Ether (ETH) also rallied close to the $3,000 level, but the pullback in BTC price saw the top altcoin fall below $2,800.
While a majority of the cryptocurrencies are well below recently established highs, Polygon’s (MATIC) price bucked the trend by seeking out a clear V-shaped recovery. The altcoin rallied higher today as the project announced the launch of its SDK stack that will allow developers to easily deploy their own Ethereum-connected blockchains. Since Tuesday, MATIC has rallied 50% from a low of $1.51 to an intraday high at $2.44 on Wednesday. According to data from Cointelegraph Markets Pro, market conditions for MATIC have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. As seen in the chart above, the VORTECS™ Score for MATIC has been in the green zone for most of the past week, and it registered a high of 94 several times on Tuesday, around seven hours before the price increased 50% over the next day.
Other notable altcoin performances include an 89% gain for Skale Network (SKL) and a 67% rally from Enjin Coin (ENJ). Origin Protocol also gained 53%. The overall cryptocurrency market capitalization now stands at $1.7 trillion, and Bitcoin’s dominance rate is 42.5%.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||53.6%||94||$19 601.45||1.08%||-6.16%||$374 035 671 245|
|2||ETH||Ethereum predictions||58.8%||91||$1 069.36||1.22%||-6.90%||$129 781 761 094|
|3||USDT||Tether predictions||92.8%||1||$0.998838||-0.01%||-0.05%||$66 155 226 088|
|4||USDC||USD Coin predictions||91.2%||1||$1.000222||0.01%||0.01%||$55 814 989 943|
|5||BNB||Binance Coin predictions||59.6%||84||$222.98||5.98%||-3.62%||$36 406 780 076|
|6||BUSD||Binance USD predictions||90.8%||1||$1.001650||0.21%||0.09%||$17 576 185 471|
|7||ADA||Cardano predictions||62%||77||$0.456735||1.28%||-7.20%||$15 498 880 430|
|8||XRP||XRP predictions||66.4%||72||$0.318666||0.10%||-14.11%||$15 405 296 738|
|9||SOL||Solana predictions||62%||74||$33.22||4.79%||-13.37%||$11 402 674 515|
|10||DOGE||Dogecoin predictions||63.6%||76||$0.066230||1.84%||1.89%||$8 786 721 543|
|11||DAI||Dai predictions||96%||1||$1.000583||0.09%||0.06%||$6 781 768 129|
|12||DOT||Polkadot predictions||64.4%||72||$6.79||0.01%||-14.24%||$6 708 513 693|
|13||TRX||TRON predictions||55.2%||91||$0.065271||2.22%||1.89%||$6 037 017 196|
|14||LEO||UNUS SED LEO predictions||74.8%||55||$6.05||2.00%||4.28%||$5 770 009 473|
|15||SHIB||SHIBA INU predictions||64%||71||$0.000010||2.69%||0.29%||$5 612 816 170|
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